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Consumers still feeling down about economy
10/27/2009
A recent index shows that consumers feel like the job market will not improve, which could lead some consumers to have problems with money management.
The Conference Board recently released its Confidence Index for October, which showed that people are feeling down about the fallen economy. The index dropped from 53.4 in September to 47.7 in October.
The reduction in confidence reflects a number of opinions held by consumers that were illustrated in the index. For example, consumers don't feel as though there will be an improvement in the job market in the near future. The percentage of people who feel as though job availability will decline increased from 22.9 percent to 26.6 percent.
The most recent figures from the government show the unemployment rate was at 9.8 percent in September, which was up from 9.7 percent in August. Many experts expect unemployment to continue to rise, with some thinking it could hit 10.5 percent by the middle of 2010.
According to the index from the Conference Board, only 10.3 percent of October's respondents said they expected their incomes to increase, which is down from 11.2 percent in September.
"Consumers also remain quite pessimistic about their future earnings, a sentiment that will likely constrain spending during the holidays," said Lynn Franco, director of the Conference Board Consumer Research Center.
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